Wednesday, September 1, 2010

Energy News ; Occidental Chief Irani may plan to leave job next year; LDK Solar files lawsuit against Canadian Solar $LDK $CSIQ


· Rig Rates – John Freidman says rates may surprise to the upside – The Norwegian billionaire and founder of offshore rig company Seadrill said he sees rig rates surprising to the upside and that Seadrill would benefit from more strict regulations that will be introduced in the Gulf of Mexico. Bloomberg

· PSL sees dry freight near all-time low next yr – PSL said freight rates for dry bulk carriers could fall to historic lows next year as new ships flood the market and iron ore demand in China wanes. The company said it is unlikely to be hit by the weakening freight market as it has already booked 25% of its vessels through 2013. Reuters

· Aussie QR IPO documents expected mid-Oct – Queensland’s state gov’t will publish offer documents for the float of its coal rail business in mid-October, but hasn’t ruled out accepting a rival bid for $4.6B from other coalfirms. Reuters

· Occidental Chief Irani may plan to leave job next year – Ray Irani is expected to set a date to step down from the company’s CEO amid an investor backlash over his high pay. The board is expected to announce a date in2011 for his retirement, although he will continue as Chairman. WSJ

· Sumitomo to pay $140M for U.S. shale gas venture stake (this hit in trading Tuesday) – Sumitomo agreed to buy a 30% stake in a gas venture from REXX in the Marcellus Shale region for $140M. The company plans to invest about $1.2B in the project over the next ten years. Bloomberg

· Ethanol tops gasoline first time since December – Ethanol prices are higher than gasoline for the first time since September as corn surges and refiners profit from tax breaks. Bloomberg

· PCX announces unfavorable court ruling – PCX confirmed that a Federal court issued rulings against its Apogee and Hobet subsidiaries for failing to comply with selenium discharge limits. The company estimates that it willbe required an initial investment of $50M with annual operating costs of $3M to meet environmental regulations. Bloomberg

· LDK Solar files lawsuit against Canadian Solar – LDK Solar said it sued Canadian Solar for canceling a 10-year supply agreement made in 2008. The contract required Canadian Solar to buy specific amounts of materials at set prices according to LDK Solar. Bloomberg

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